Subd. 1. Felony.

A person is guilty of a felony and punishable by imprisonment for a term of not more than four years, or payment of a fine of not more than $5,000, or both, if the person with fraudulent intent:

1. (1) uses a false or fictitious name or address, makes a material false statement, fails to disclose a security interest, or conceals any other material fact in an application for a certificate of title; or
2. (2) submits a false, forged, or fictitious document in support of an application for a certificate of title.

Subd. 2. Misdemeanor.

A person is guilty of a misdemeanor if that person:

1. (1) with fraudulent intent permits another to use or possess a certificate of title who is not entitled to use or possess the certificate of title;
2. (2) willfully fails to mail or deliver a certificate of title to the commissioner or a deputy registrar within ten days after the time required;
3. (3) willfully fails to deliver to a person acquiring a watercraft a certificate of title within ten days after the time required;
4. (4) commits a fraud in an application for a certificate of title; or
5. (5) fails to notify the commissioner of a fact as required by law.